Pay more for home in Noida and Greater Noida

About 6.5 lakh people, who have bought property in Noida are likely to pay more for it as the realtors will levy additional charge soon.

Realtors will levy additional charge on home buyers both old and new because the Noida authority is planning to recover Rs 1800 crore from builders. The authority has distributed Rs 1800 crore as hiked 64% land compensation to villagers of 39 villages following an Allahabad high court’s October 21, 2011 order.

“We are working to figure out as to how much amount we should charge from realtors to recover Rs 1800 crore distributed to farmers as per HC order,” said Pramod Kumar Agarwal additional chief executive officer (ACEO), the Noida authority.

The Noida authority is also likely to charge additional money from those, who are old allottees including 30, 000 owners of plotted bungalows, and 34500 owners of flats built by the authority itself. Additional money will have to also be paid by 1.5 residents, who had bought flats from realtors, and now are staying for long said officials.

Home-buyers, who have booked roughly 5 lakh flats in under construction private group housings in Noida will also bear the brunt of hiked land compensation said officials. The Noida authority has also approved a proposal in this regard in its recently held board meeting.

“We have made it clear to all realtors on our forum- CREDAI that this additional compensation will be taken and paid to authority back as hiked land compensation fund. We will not levy any sort of builder charge to benefit buyer.

The authorities will have to do it because of HC order. And it is unavoidable,” said Manoj Gaur president CREDAI (Western UP) and MD of Gaursons.

The Greater Noida authority has already levied additional burden of R 2014 per sqr mtrs on realtors in its area.

“A buyer will have to pay Rs 70-100 per sqr mtrs in Greater Noida. Noida rates are yet to be finalised. A flat owner of 1000 sqr ft area house in Greater Noida will have to pay Rs 50-60, 000 more on possession,” said Gaur.

Additional charge will also be levied on industrial and institutional land forcing educational and industrial institutions to cough up more.